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Manulife cuts 250 jobs in asset management and wealth unit


Global insurance major Manulife Financial has cut 250 jobs in its wealth and asset management unit in the US, Canada, the UK and Asia, according to a Bloomberg report. Paul Lorentz, the CEO of Manulife Investment Management, cited prolonged market volatility and a shift to higher interest rates, marking the first such market cycle in 15 years, as key reasons for the job cuts. This news was initially reported by Ignites, a fund industry publication. The job cuts at Manulife are part of a broader trend in the financial sector, where firms are downsizing in response to economic and geopolitical uncertainties, higher interest rates, and a slowdown in dealmaking. Despite the job cuts, Manulife reported a significant increase in its third-quarter earnings, particularly from its business in Asia.

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